May 27, 2024

ESG – Not Only a Problem for the Right

Environment, Society, Governance. We’re seeing the impact of the ESG movement all over the place, whether it’s through the Alphabet agenda, Diversity pushes at the corporate level, or liberal policies pushed into the government. And it’s smart– when you can’t get the government to push the “progress” that you want, you get the businesses to do it, because we all know that all modern Western businesses rely on cash.

The top three asset managers alone cast about one-quarter of votes at S&P companies’ shareholder meetings. And the causes pushed by this ESG cartel range from defunding existing fossil fuel projects and mandating support for abortion rights, to the discouragement of donations to free market trade groups and Republican political candidates. Regardless of your politics, this is economic power being used to curtail the First Amendment.

So it comes as little surprise when conservatives such as Sen. Ted Cruz (R-TX) say that BlackRock CEO Larry Fink and his peers should be barred from voting on behalf of other investors “to advance their own political interests.” The Texas senator added, “That is not capitalism, that is abusing the market.”

Although the media won’t admit it, this market abuse is now causing pain. ESG’s emphasis on investments in Big Tech companies and de-emphasis on oil and gas companies means that millions of small investors are seeing red down arrows in their pension statements. But restricting energy investments conversely means that Wall Street firms and the billionaires who control them are making huge profits on their remaining conventional energy investments.

The Left takes notice of the ESG oligarchy

Until we get off of the cheap credit offered by these organizations, or these money men have less control, whatever these groups want will be golden, and so you can expect to see a lot more companies doing things that have nothing to do with their original mission as they continue to need access to this credit to fund their companies and make payroll.

Very clever indeed.

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